|
Payments to Contractors and Completion
ARTICLE 13 - PAYMENTS TO CONTRACTOR AND COMPLETION
13.1 Schedule of Values. CONTRACTOR shall provide ENGINEER with a Schedule of Values as required by Section 2.7. The Schedule of Values will serve as a basis of progress payments during construction.
13.2 Basis For Payments. Payment for the Work is based upon a lump sum and/or unit prices as established by the Agreement. Subject to the limitations and conditions provided elsewhere in these General Conditions or in other Contract Documents, progress payments for lump sum items shall be based upon percentage of completion at the time of request for such payments as determined or approved by ENGINEER, while progress payments for unit price Contract Items shall be determined by ENGINEER based upon approved estimated quantities of such items completed and in place. The method for calculating estimated quantities shall be based upon reasonable engineering methods for such estimates. If a unit price for a Contract Item includes compensation for successful testing of Work or for finish grading, cleanup or other surface or site restoration as part of such Item, OWNER may at its sole option deduct from payments and withhold (i) up to Fifteen Percent (15%) of the unit price for Work installed but not successfully tested, and (ii) up to Ten Percent (10%) of the unit price for Work installed but as to which finish grading, cleanup or other surface or site restoration has not been completed which sums shall be in addition to retainage and other amounts withheld by OWNER as permitted by the Contract Documents. Such sums shall be released to CONTRACTOR upon satisfactory completion of testing or restoration, as applicable.
13.3 Stored Materials and Equipment. Payments for materials or equipment not incorporated into the Work, but delivered and suitably stored at the site, or, if provided by the Contract Documents or agreed upon in writing, at some other location off of the site, shall be conditioned upon compliance by CONTRACTOR with procedures satisfactory to OWNER to establish OWNER's title to such materials and equipment or otherwise protect the OWNER's interest and shall include applicable insurance, storage and transportation to the site. Payments for stored materials or equipment may not exceed one hundred percent (100%) less retainage of the net value of such stored material or equipment.
13.4 Specially Manufactured Items. If payment for work on undelivered specifically manufactured items is permitted by the Contract Documents or by OWNER's written approval, such payment shall be conditioned upon submission by CONTRACTOR of bills of sale, invoices and other documentation establishing in favor of OWNER a valid security interest in the items and establishing or certifying that the items are covered by appropriate insurance and other arrangements to protect the OWNER's interest therein, all of which will be satisfactory to OWNER. The OWNER may further condition such payment upon ENGINEER's observation of the progress of such items, and in such case CONTRACTOR shall provide transportation and reasonable lodging and other appropriate expenses for a representative of OWNER or ENGINEER to travel to the place of manufacture of such equipment or material to conduct such observation.
13.5 Retainage. OWNER shall withhold retainage in the amount of
|
